Southern California multifamily sales and deliveries outpace 2025 pace levels

Southern California multifamily market highlights

• Multifamily operating conditions across Southern California are nearly unchanged from one year ago, even as the pace of deliveries has accelerated. While the national trend calls for declining levels of new construction this year, most markets in Southern California are expected to post steady levels of deliveries in 2026.
• Vacancy has remained mostly steady across most of Southern California in recent periods. The region-wide average rose 10 basis points in the first quarter to 4.6%. Compared to the fourth quarter of 2025, the vacancy rate recorded no movement.
• Asking rents increased during the first quarter, rising by 0.4% to $2,496 per month. Year over year, average asking rents across the region have dipped just $2 per month.
• Multifamily investment activity was elevated in the first quarter, outpacing levels from the same point last year by 35%. The median sale price rose to $333,400 per unit year to date, while cap rates averaged roughly 5.5%.

Download the full report below to explore Q4 2025 trends in the following Southern California markets:

• Los Angeles
• Orange County
• San Diego
• Inland Empire